CNA: Oops, Losses Were Actually Higher
NU Online News Service, March 19, 4:00 p.m. EST?CNA Financial Corporation announced that, after talks with securities regulators, it has revised its previously reported fourth quarter 2002 results to show an additional $32 million of losses on equity securities.
The revised net income for the fourth quarter, Chicago-based CNA said, is $50 million, or 21 cents per share, compared with the previously reported number of $82 million, or 36 cents on a per-share basis.
The net income for last year is also revised, to $155 million, or 68 cents per share, lower than the previously reported figure of $187 million, or 83 cents per each share.
CNA noted, however, that the additional after-tax impairment losses had no impact on its previously reported net operating income, equity and book value per share.
The company said its decision to record additional losses was made after discussions with the staff of the Division of Corporation Finance of the Securities and Exchange Commission.
The discussions took place in the course of a routine SEC review of CNA's periodic filings, covering its accounting for stock and bond investments, the company said.
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